Subscribe to get updated on the most recent information from Crawford & Lee Team Realtors at RE/MAX Success

Buying this Spring? Be Prepared for Bidding Wars

Ross Wilhelm

Ross is the Lead Buyer's Agent for the Crawford & Lee Team and has more than 23 years of experience in New Home Sales and a vast knowledge of con...

Ross is the Lead Buyer's Agent for the Crawford & Lee Team and has more than 23 years of experience in New Home Sales and a vast knowledge of con...

Feb 82 minutes read

Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes thatareavailable.

“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”

Sam Khater,Deputy Chief EconomistatCoreLogicwent on to explain why buyers are flocking to the market in big numbers:

“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”

In some markets,“thirty-five percent of properties are selling within the first week or two of hitting the market.”Homes are selling at a rapid clip in places like:

Denver, CO

Seattle, WA

Oakland, CA

Grand Rapids, MI

Boise, ID

Madison, WI

Omaha, NE

Bottom Line

Let’s get together to discuss your exact market conditions and help you create a strategy to secure your new home in this competitive atmosphere!

Thinking of Buying?

Schedule a 1 on 1 consultation with a member of our team and learn how our experience can guide you to a winning offer.